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So I got an email recently saying if I open an account with Samsung Money by Sofi, I’ll get a 4.25% interest rate.
This is better than my current savings account which has a 4.114% interest rate. Plus, it seems the Samsung account is a Savings and Checking account rolled into one?
What’s the catch? What am I missing? What will happen if I dump all the money from my current savings account into this Samsung account?
Is my assumption correct that the Samsung Money by Sofi is a Savings account and Checking account rolled into one? Will I actually earn more interest by moving all my money into this account instead of keeping it in my traditional savings? It just seems odd.
Please enlighten me, folks!